US take over

US based Allied Speciality Vehicles (ASV) has taken over Thor Industries’ bus building business for £65.1m/$100m in cash. The transaction is subject to customary closing conditions and is expected to be completed by 1 November 2013. Thor’s combined bus business is one of the largest producers of transit and shuttle buses in North America, with bus sales of approximately £293m/$450m for the fiscal year ended 31 July 2013. Thor Chairman, Peter B Orthwein, said, ‘Although the bus business has been a valuable part of Thor, this transaction allows us to focus on maintaining and growing our leadership position in our core recreation vehicles business.’